🗓️Weekly Report: Key levels & Trade Ideas
GENERAL MARKET REVIEW
Concerns over a potential military attack by Iran on Israel triggered a gap down in the market at the beginning of trading on Friday. Following these events, there was a surge in oil prices, which then led to widespread sell-offs across the board. Virtually all stocks took a hit, with growth stocks experiencing declines ranging from $2 to $72, notably including MicroStrategy
MSTR .
For this evening's analysis, we'll begin by examining the charts of the Nasdaq-100 (QQQ) and the S&P-500 (SPX).
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SPX-500
The
SPX has been movig lower and plundged to the 50-day Simple Moving Average (red) on Friday. Holding this line could lead to an oversold bounce on the market.
However, should a broader market selling start, then it is very possible that we test the 5000 psychological level or even the 4700 level that was rejected in August 2023 and February 2023.
đź’ˇAnother interesting factSPX has created 22 all time highs this year (2024) and returned more than 25% over the past five months and has gone more than 1 year without experiancng a 1 day decling more than -2%. This is the 6th longest such streak since 1965. If you are wondering when are the other times:
2007, 1986, 1996, 2018, 1993. On average the index makes only 29 consecutive trading days without a 1 day that has more than -2% declineđź’ˇ
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QQQ
Very similar as it is clinging on the 50-day Simple Moving Average. QQQ and SPX are holding much better than the IWM or DIA, which have been consistently underperforming on their Relative Strength against the SPX.
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META
Meta has earnings on 24April (Wednesday). It has been holding very well and is a constructive pattern. You can see a triangle forming. Pay attention to the volume pattern. When the stock is moving up in this base the volume bars are higher than when the stock is moving lower
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NVDA
Too choppy for anything more than a quick trade. Next Technical buy point for me is at the $974 on heavy volume. I could start nibble on it with a quarter or a half position size as it is making constructive formations within this forming base. Constructive formations = higher highs, tight pivots. This is very watched stock so it would have high correlation to the general market
Concerns over a potential military attack by Iran on Israel triggered a gap down in the market at the beginning of trading on Friday. Following these events, there was a surge in oil prices, which then led to widespread sell-offs across the board. Virtually all stocks took a hit, with growth stocks experiencing declines ranging from $2 to $72, notably including MicroStrategy
MSTR .For this evening's analysis, we'll begin by examining the charts of the Nasdaq-100 (QQQ) and the S&P-500 (SPX).
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
SPX-500
The
SPX has been movig lower and plundged to the 50-day Simple Moving Average (red) on Friday. Holding this line could lead to an oversold bounce on the market.However, should a broader market selling start, then it is very possible that we test the 5000 psychological level or even the 4700 level that was rejected in August 2023 and February 2023.
đź’ˇAnother interesting fact
SPX has created 22 all time highs this year (2024) and returned more than 25% over the past five months and has gone more than 1 year without experiancng a 1 day decling more than -2%. This is the 6th longest such streak since 1965. If you are wondering when are the other times:2007, 1986, 1996, 2018, 1993. On average the index makes only 29 consecutive trading days without a 1 day that has more than -2% declineđź’ˇ
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
QQQ
Very similar as it is clinging on the 50-day Simple Moving Average. QQQ and SPX are holding much better than the IWM or DIA, which have been consistently underperforming on their Relative Strength against the SPX.
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
META
Meta has earnings on 24April (Wednesday). It has been holding very well and is a constructive pattern. You can see a triangle forming. Pay attention to the volume pattern. When the stock is moving up in this base the volume bars are higher than when the stock is moving lower
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
NVDA
Too choppy for anything more than a quick trade. Next Technical buy point for me is at the $974 on heavy volume. I could start nibble on it with a quarter or a half position size as it is making constructive formations within this forming base. Constructive formations = higher highs, tight pivots. This is very watched stock so it would have high correlation to the general market
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